Playboy Enterprises International Inc – ‘10-K’ for 6/30/97 – EX-10.26(G)

As of:  Wednesday, 9/24/97   ·   For:  6/30/97   ·   Accession #:  950131-97-5816   ·   File #:  1-06813

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         40    246K 
 2: EX-10.1(E)  Form of 162(M) Restricted Stock Agreement             10     43K 
 4: EX-10.18(F)  Amendment to Product License Agreements               2     12K 
 5: EX-10.19(D)  3rd Amendment T0 2/10/95 Credit Agreement             3     17K 
 6: EX-10.24(B)  Lease Termination Agreement                           3     20K 
 7: EX-10.25(B)  Amendment to 9/6/96 Lease Dated 6/1/97                3     19K 
 8: EX-10.26(G)  3rd Amendment to Deferred Compensation Plan           3     13K 
 9: EX-10.26(H)  2nd Amendment to Deferred Compensation Plan           1      9K 
10: EX-10.27(R)  Letter Agreement Dated 9/6/96 Re: Perkins             3     14K 
                          Employment                                             
11: EX-10.27(S)  Letter Agreement Dated 9/4/97 Re: Lynn's Waiver       1      8K 
 3: EX-10.4     Playboy Magazine Distribution Agreement               30     75K 
12: EX-11       Computation of Net Income Per Share                    2±     9K 
13: EX-13       Annual Report to Security Holders                     42±   213K 
14: EX-21       Subsidiaries                                           1     10K 
15: EX-23       Consent of Independent Public Accountants              1      8K 
16: EX-27       Financial Data Schedule                                2      8K 

EX-10.26(G)   —   3rd Amendment to Deferred Compensation Plan

EX-10.26(G)
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                                                               EXHIBIT 10.26 (g)

THIRD AMENDMENT TO THE  
PLAYBOY ENTERPRISES, INC. 
DEFERRED COMPENSATION PLAN  

This Third Amendment is made on this ____ day of June, 1997, to be    
effective as of July 1, 1997.                                                   

 WHEREAS, Playboy Enterprises, Inc. (the "Company") sponsors the Playboy
Enterprises, Inc. Deferred Compensation Plan (the "Plan"), as established       
effective October 1, 1992 and amended twice thereafter; and                     

     WHEREAS, pursuant to its reserved power under Section 7.01 of the Plan, the
Company wishes to amend the Plan to change the Plan Year to a calendar year,    
effective January 1, 1998, by creating a short Plan Year from July 1 - December 
31, 1997;                                                                       

NOW, THEREFORE, the Plan is hereby amended in the following respects: 

  1.   The following sentence is added to the definition of "Determination
Date" in Section 2.11:                                      

          "Effective with the change to a calendar Plan Year beginning
               January 1, 1998, the last day of each calendar quarter shall be a
       Determination Date instead of the last day of each fiscal
quarter."                                         

     2.   The following sentence is added to the definition of "Incentive Award"
in Section 2.14:                                            

          "Effective with the change to a calendar Plan Year beginning
            January 1, 1998, 'Incentive Award' for any Plan Year means the
            Participant's Management Incentive Plan Award, if any, for the
       Company fiscal year ending in that Plan Year and which is
           otherwise payable in cash, considered 'wages' for purposes of
              FICA and federal income tax withholding, but before any deferral
therefrom made pursuant to this Plan."            

EX-10.26(G)
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  3.   The following sentence is added to the definition of "Plan Year" in
Section 2.19:                                                                   

           "Effective for periods beginning on or after January 1, 1998,
        'Plan Year' shall mean the calendar year, so the Plan Year
          beginning July 1, 1997 shall be a short year running for six
months and ending on December 31, 1997."          

     4.   The following sentence is added to the definition of "Year of Service"
in Section 2.26:                                                                

            "For the short Plan Year running from July 1, 1997 to December
           31, 1997, a Year of Service shall be credited if the employee
completes at least 500 hours of service."         

5.   The following paragraph is added to the end of Section 3.01:     

                    "For only the short Plan Year beginning on July 1, 1997, the
        $90,000 (indexed) Salary figure in part (a) above shall be
              reduced by half, but then subject to the same indexing factor as
          would apply to the $90,000 full-year Salary figure. For each
           calendar Plan Year beginning on or after January 1, 1998, the
             indexing (as provided above) of the $90,000 Salary figure under
           (a) and (b) above shall be based on the ratio of the national
             Employment Cost Index as of the September immediately preceding
              the start of the Plan Year to the national Employment Cost Index
as of September of the prior calendar year."      

6.   The following paragraph (e) is added to Section 4.05:            

                   "(e)  In lieu of paragraph (a) above, the date selected for
              any interim distribution which is elected on or after January 1,
      1998 shall be any January 2nd occurring after the fourth
             anniversary of the close of the calendar Plan Year in which the
   election became effective. In addition, every interim
        distribution made on or after July 1, 1997 shall include a
              proportionate share of any accumulated earnings (or losses) then
           credited to the Participant's Deferred Compensation Account."

EX-10.26(G)
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   IN WITNESS WHEREOF, this Third Amendment, having been first duly adopted,
is executed below by an authorized officer of the Company, to take effect as    
provided above.                                                                 

                       PLAYBOY ENTERPRISES, INC.

                                     By: ___________________________________

                                     Title: ________________________________

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
		1/1/98		1		2
		12/31/97		1		2			10-K,  10-K/A
Filed on:		9/24/97
		7/1/97		1		2
For Period End:		6/30/97
		10/1/92		1
									List all Filings